abitare (33.41)

Peak Oil and Peak Credit

8

Max Keiser interviews Gail Tverberg of http://theoildrum.com/ . This is two interviews in a row by Max with people who are believers in Peak Credit. (Ref my previous Dec 09 post with Professor Steve Keen.

The bail-out of Wall Street and the banking and mortgage industries is not monetary policy; it is a massive transfer of wealth from future taxpayers to the Financial Power Elite.

The monetary-policy terminology of "quantitative easing" and "bail-out" is a masterstroke of propaganda, for it purposefully masks an unprecedented transfer of wealth from future taxpayers to the Financial Power Elite.

I want to be crystal-clear here: what Bernanke & Co. represent as "monetary policy" is in fact a massive transfer of wealth from future generations of U.S. taxpayers to Wall Street and the banking/mortgage industries.

The propaganda is purposefully designed to distract our attention from the fact that "monetary policy" has fiscal consequences for future taxpayers--unprecedented mountains of Federal debt which must be serviced over a generation in which interest rates will rise.